4 Ideas for Deferring Taxable Income to Next Year

Deferring taxable income to a later year is often an effective strategy for paying less in income taxes and keeping more of your wealth working for you. For example, if you are organized as an S Corporation or Partnership for income tax purposes and anticipate being in the same or a higher tax bracket in 2018 than in 2019, then you may benefit from deferring income into 2019.  Here are four ways you might achieve this: (1) Cash Method of Accounting The Tax Cuts and Jobs Act (TCJA) expanded the number of businesses that can use the cash method of […]